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Wage rates and equilibrium differences in wage rates

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Reference no: EM132255488

1. Provide three important reasons why some workers receive higher wage rates than others.

2. In a perfectly competitive market the MRP curve is the firm's demand for labour curve. Explain why?

3. How is the elasticity of demand for a product different from the elasticity of demand for labour?

4. Explain the difference between temporary differences in wage rates and equilibrium differences in wage rates.

Reference no: EM132255488

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